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Congress Passes Fiscal Crisis Bill; Obama Says He’ll Sign
January 2, 2013
President Barack Obama says he will sign a bill to avert the so-called “fiscal cliff,” calling the measure one step in a broader effort to strengthen the American economy.
The Democrat-led Senate overwhelmingly approved the bill in an early morning vote Tuesday. The Republican-dominated House of Representatives passed the measure by a vote of 257 to 167 late in the day, after an unsuccessful attempt to add their own amendments to the plan.
Some conservative House members wanted to add more spending cuts to the plan, but did not have enough support among their fellow lawmakers to take such action. Aides to the Senate Democratic leadership had told reporters that chamber would not take up any bill that was amended by the House.
President Obama and congressional Republicans have sparred for more than a year over tax rates, the extent of government spending, chronic budget deficits and the country’s mounting debt.
Congressional leaders described the deal as imperfect, but in the best interest of the American people.
Under the plan, taxes would increase for individuals making more than $400,000 a year and couples earning more than $450,000, the first U.S. income tax increase in 20 years. The package also would extend unemployment benefits for a year and boost taxes on large inheritances.
The compromise delays mandated cuts to defense spending and domestic programs for two months, setting up a future battle between the parties. Analysts have said that without a compromise, the $500 billion in austerity measures could eventually plunge the U.S. economy into another recession.
Even as U.S. leaders wrangled over the tax and spending issues, they soon face a decision whether to increase the country’s borrowing limit, which hit its current $16.4 trillion cap on Monday. Officials say the country will be able to pay its bills for another two months, but by then will need to increase the debt ceiling, an action likely to spark another extended debate over Washington’s spending priorities.
[VOA]
Pictured: President Barack Obama, with Vice President Joe Biden (left), makes statement after passage of fiscal cliff bill Tuesday night. Courtesy photo for NorthEscambia.com, click to enlarge.
Comments
26 Responses to “Congress Passes Fiscal Crisis Bill; Obama Says He’ll Sign”
Very well put David, its called economics ,can’t keep taxing those who have money to pull out every one else, and you can’t keep printing money to pay bills that you can not back.There must be cut backs.I agree with Bob, may be the Dem’s will lose the senate in 2 years.
REGARDING:
“You business owners act like you’re paying this out of your pocket and no body else is (else‘s?). The news is every company pays this also and it is merely a cost of doing business and if you really know what’s going own it’s included in the cost of labor to whoever you’re dealing with or included in the cost of products produced.”
True (with corrections), but also limited in comprehension. Yes, businesses have to pass on the cost of taxes as well as other expenses but let us remember we are the people they pass them on to – - – or TRY to pass them on to.
Result?
The price of particular goods and services may get too high and people simply quit buying, thereby putting that business out of business and it’s employees out of work, thereby cutting income to the people THEY in turn are no longer able to deal with.
If the things they produced were formerly sold to other nations, it might worsen the balance of payments as they proceed to buy from other suppliers in other nations. (But that’s okay because we can still pretend like it was the Republicans who cost those jobs rather than higher expenses we generated.)
Possibly enough people can continue to afford certain items affected, but it reduces spending money they would have used on other goods and services. Other businesses go out of business, or waitresses have fewer customers and lower tips for example. Things like that.
That’s all part of life, but it would be nice if folks realized they couldn’t do just one thing — in this case “tax the rich” — without doing other things, hurting other people too.
David for big pictures and honesty
News alert!!!!!!!
Same old thugs and bumbs reelected in the house. Expect more of the same. Probably another drop in credit rating and more of the same old last minute deals or no action at all. Maby that will change in two years.
Oh I am well aware of that, so thanks for the extra cost you have added to my life.Only thing wrong here is Obama is the liberals god, to the rest of us he just a bad president.
Well I voted for Obama and don’t regret my decision one bit, but for some to say that thr ones that voted for Obama is getting what they deserve don’t forget your getting the same thing I am… Lol
What about all the PORK that was hidden in this thing? Apparently they hid so much Pork it’s gonna cost us MORE than if we went over the cliff! UNREAL!!!!
Jeff Millers no different than everyone up there. He says what sounds good rather than do what is good for the country. He should do what is good for America rather than his small N W Florida constituency.
I had both read and been told that newly elected House members are called into the Speaker’s Office and told get in line with the party’s position ( vote the way we tell you) or you won’t get committee assignments and any bills you try to initiate wont fly. That just about kills any chance for reelection so they are essentially a lame duck before they are sworn in if they don’t go along.
This plus no tax pledges, etc. put a lot of pressure on them.
Lem is so right on who to blame. It’s us the Voters
Sorry ,worthless lying, thieving politicians…you are all a disgrace…and yes obama lied to the american people…it’s bad enough that folks have to work so hard to make a living with a dwindling paycheck… this is the ultimate home invasion by public servants…
Interesting that Congressman Jeff Miller voted against the bill.
Reinterpreted, his vote meant for FL-01 citizens:
1. Complete expiration of the so-called Bush tax cuts for everyone, not just for those with incomes over $400/$450 K.
2. Immediate sharp cuts in virtually everything, including his own district’s favorite federal bugetary sacred cow, defense spending. (Alas, government doesn’t create jobs… yeah, right.)
In essence, his vote is less about what is best for the generally lower median income level constituents of FL-01, and more about anti-Obama emotions held by the same constituents. Instead of voting “nay” and gaining emotional rah rahs, the sensible decision would have been to vote “yea” and put some energy into informing his constituency about what is required from the nation to balance the budget… just as it was after George W. Bush lost the popular vote in 2000.
Wow, do you people really believe anything you are saying? The payroll tax increase was in no way related to this latest measure, it was an expiration of a previous mandate. So, no new taxes have been levied against the middle class. But, lets say for your argument it was a new tax, I would welcome it. The tax burden in the US is the lowest it has been since, wait for it, Reagan. You get what you pay for. But ignore the facts and turn back on Fox News. It is a scary world, hold on tight to your Bibles and guns…
You business owners act like your paying this out of your pocket and no body else is. The news is every company pays this also and it is merly a cost of doing business and if you really no what’s going own it’s included in the cost of labor to whoever your dealing with or included in the cost of products produced.
All you other whiners get out and look around its not all despair and dome. Or do you think all thoes people spending, buying and running businesses are the ones that didn’t vote for Obama. Your kinda like news media about used car shortage a while back and I looked around and there is more used cars than ever. I guess there’s always got to be group of whiners no matter what’s happening.
So 77% of house holds will have a tax increase. 40 to 50 thousand , 579.00, 50-75 thousand, 822.00 Wondering when the people that voted this guy in, are going to figure out that he just stabbed them in the back????? And yes , I think they are getting what they deserve.
Thank you Lem, you have unveiled the ugly truth , that the lib’s do not want to tell us.You can not change the math, just to make people feel good. Built on lies and deceit .When it falls , they will still try to blame those who did not support the election of this president
The problem is not congress the fault is the American People. Congress is doing what it always has done which is nothing. Not all of them is that way but the majority is and we keep voting them back in. Breaking the law by not passing a budget and we keep voting them back in. I’am not sure what people’s definition of broke would be but we’re broke. If you spend more than you make your broke. If we run our finances the way congress did we would be homeless and in jail. It is no way to borrow yourself out of debt. This economy is going to crash because we’re not willing to make changes. You can’t even tax us enough to get us out of debt. We have to quit spending and giving handouts to people that is able to work,foreign aid,and ever other junk program that they can think of to spend money on. If you can’t understand what’s going on look at the other countries that is having trouble with their economy. They have already try’ed doing what we’re trying to do it did-n’t work their economy is busted and broke. We’re headed their in a hurry.
Nope, they will fight him and force him to make budget cuts, Just because he won and election ,51%, the rest of us 48% think he is doing a lousy job.But if you did vote for him I hope you get every thing you deserve.
Some things to think about. The House passed a tax bill and a spending cuts bill apx 2 months ago. Harry Reids’ Senate refused to debate, or vote, on it as they have done for Anything the House has sent them for the last two years. Some other notes to ponder, as far as I can tell Obamacare, as a tax, was initiated in the wrong house, and no budget has been passed in over 1300 days. I hope the house has enough sense to block any debt increase without meaningful cuts to out of control spending, Egyptian mosques, green energy or more Union bribery funds. These thives only work about 1000 to 1300 hrs a year, full time is 2080 hrs., yet look at the excess pay and benny package they gave themselves. Personally I’m fed up with ALL of them.
So, how are those new taxes working out for you middle class liberals?????
Well, here is the first offical e-mail from my company: I thought the new plan was just to tax the rich??
2013 Fiscal Cliff Tax Update
. Below are the first changes effective Jan. 4, 2013, with your first paycheck for 2013:
• Social Security (OASDI – Old-Age, Survivors and Disability Insurance) increases from 4.2% to 6.2% for employees.
• Medicare – effective for tax years beginning after Dec. 31, 2012, increases Medicare tax from 1.45% to 2.35% for individuals earning over $200,000 and joint filers over $250,000.
• Supplemental rate increases from 25% to 28%. (The supplemental rate is used with Commission, STI and Bonus payouts.)
As fiscal cliff decisions are made, Payroll will apply any new requirements as required by law.
They did the minimum again. What a useless house. Everything done backwards. The senate has to do the houses job.
As far as the comment about the house is going to cut up the credit card. What a joke. The govt has ran on a credit card since the depression. You really don’t have a clue about the way govt works.
So now let’s trying to scare everyone about a company that’s going to close that has 150 employees because of government tax issues. What a joke. If this so called business owner doesn’t realize that that tax is part of overhead paid by the people he works for he needs to close. Life won’t skip a beat if he closes. They’ll be a new business or existing business that will take his place.
LEO Guy, you are absolutely right about “kicking the can”, I would have rather gone over teh cliff… Diving happily… than wait another 2 months for more of the same.
Bob Hudson, teh debt ceiling raise is to pay for current costs not future ones… That’s why the cedit rating for the US was dropped last time, because if the US defaults then its like going into bankruptcy… and your cedit rating doesn’t do that well then, does it…
bama54, if the guy doesn’t have enough business to pay his workers then he should have let them go a long time before this… that’s called supply and demand… if the demand is still there, then he still needs ‘x’ number of workers to produce ‘x’ number of whatever he makes… if he could have done it with less workers before or if his product wasn’t selling as many units, then it didn’t matter anyway.
Well the idiots in the senate won this round, but the house will have its way when Obamos tries to raise the debt ceiling. Yep, they are going to cut up his credit card
Well I hope everyone is happy!! The issue I see, if the local business man can stay open!! I know one company owner, who employees about 150 told me he might just close his business and retire early. I hope he reconsiders, I would hate to see 150 families/households without any income.
I wish all a Happy New Year!!
Kick the Can. What a fun game! Come on everybody, let’s play!
Yeah bout time. What a load of crap. They scare the public in thinking it’s not going to happen and all of a sudden on the last day when everyone is holding on tight they pass the bill. This Government only cares about passing a pay raise for themselves. Heck, they forgot about the Sandy bill, that should tell you something of their priorities.
Continuing prayer for America!
Until the GOP decides to do what’s best for the country, instead of signing pledges to Grover and whomever promises to help them get reelected, we are gonna have a rough ride.
The very same people fighting to not raise the debt ceiling are the ones that voted to take on that debt. Most people think that not raising the debt ceiling will stop President Obama from spending money. The truth of the matter is that programs such as the Joint Strike Fighter jet program, which already becoming obsolete due to Drone technology, are still sucking the life out of the country.
We need to retool the USA, from defense to the tax code, and fast. But as long as the GOP thinks this is a kids game and the object is for their side to win it will never happen.
Term limits is when you vote the sucker out.
bout time. Finally a working house of represenitives. Shame you have to force them into decision making.